Everyone put on their seatbelts, says analysts.
Here is what several analysts in the cryptocurrency community are saying about Jan. 13’s price action and what levels traders should keep an eye on.Analysis of Bitcoin's weekly price movement was provided by crypto analyst and pseudonymous Twitter user Rekt Capital, whoBTC/USD 1-week chart. Source: Twitter“Though BTC didn't reject from it in a picture-perfect manner… The blue 50-week EMA could be reasoned to figure as resistance at this time.
the following chart showing a rough estimate of what the BTC price action might look like for the month of January.“This might be a very realistic scenario for Bitcoin. First test of $46K, I doubt we'll break through in one go.” Following the breakout attempt and the rejection at $44,000, Poppe posted the following tweet calling for patience as the route higher will take time to unfold.Long term still bullish, but in order to have a big bullish move,The overall cryptocurrency market cap now stands at $2.023 trillion and Bitcoin’s dominance rate is 39.8%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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